FTC Solar (FTCI) AI Stock Analysis

• Market Cap: $155.08M
• Dividend Yield: N/A
• Average Volume (3M): 75.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.47
• Revenue Growth: 39.53%
• EPS Growth: -7.16%
• Country: US
• Employees: 202
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -1.61
• Shares Outstanding: 14,940,407
• 10 Day Avg. Volume: 80,224
• 30 Day Avg. Volume: 75,452
• PEG Ratio: >-0.01
• Price to Book (P/B): 3.67
• Price to Sales (P/S): 1.47
• P/FCF Ratio: -1.92
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 1.85
• Enterprise Value/Gross Profit: -15.40
• Enterprise Value/Ebitda: -2.54
• 1Y Price Target: $14.38
• Price Target Upside: 38.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $10.50 ▲(1.16% Upside)

The score is held back mainly by stressed financials (persistent losses, cash burn, and negative equity), despite improving operating momentum in the earnings call and a strong technical uptrend. Valuation is a weak signal due to negative earnings and no dividend.

Positive Factors

Revenue Growth Momentum

Sustained top-line growth (TTM +24.8%) signals improving demand for utility-scale trackers and growing project wins. Over 2–6 months this trend supports better absorption of fixed costs and a clearer path to scale-driven margin recovery if revenue momentum persists.

Product Innovation and Installation Efficiency

New washerless and 1P Pioneer trackers are designed for faster installation and labor efficiency. Durable operational advantages like lower installation time reduce EPC costs, increase win rates, and improve long-term competitiveness in utility-scale procurement decisions.

Domestic Content and Strategic Acquisition

Majority stake in Alpha Steel enhances domestic supply, reduces import risk, and enables access to 45X domestic-content incentives. Structurally this can improve gross margins, qualify projects for tax-driven demand, and strengthen long-term project pipeline visibility.

Negative Factors

Persistent Cash Burn

Multi-year negative operating and free cash flow means the business depends on external financing to fund operations and growth. Over months this elevates liquidity and refinancing risk, constrains strategic investments, and can force dilutive or restrictive financing solutions.

Negative Shareholders' Equity

Transition to negative equity signals cumulative losses and weakens the capital structure, reducing financial flexibility. Over time this raises creditor scrutiny, limits borrowing capacity, and increases the likelihood of equity dilution or covenant-driven restrictions on growth.

Structural Unprofitability and GAAP Losses

Despite revenue gains, persistently negative gross profit and large net losses indicate structural margin pressure from costs, supply chain and non-cash charges. Absent durable margin expansion, profitability targets remain uncertain and earnings volatility will hinder long-term capital allocation.

FTC Solar Business Overview & Revenue Model

Company Description

FTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites. Its customers include project developers; solar asset owners; and engineering, procurement, and construction contractors that design and build solar energy projects. FTC Solar, Inc. was incorporated in 2017 and is headquartered in Austin, Texas.

How the Company Makes Money

FTC Solar generates revenue primarily through the sale and installation of its solar tracking systems, which are utilized in large-scale solar power projects. The company offers a range of products, including its proprietary Voyager solar tracker, which is designed to optimize energy output. Additionally, FTC Solar provides software solutions that enhance the performance and management of solar installations. Key revenue streams include direct sales to solar project developers, long-term service agreements for maintenance and support, and potential licensing of its technology. Partnerships with solar energy developers and utilities also play a significant role in driving sales and expanding the company's market reach.

FTC Solar Financial Statement Overview

Summary

Fundamentals remain very weak: TTM gross profit is still negative (-$9.6M), losses are large (EBIT -$43.2M; net loss -$55.4M), operating cash flow is deeply negative (-$42.1M), and equity has turned negative (-$13.7M), increasing financing risk. A positive is improved TTM revenue growth (+24.8%) and narrowing cash burn versus prior years, but the business is not yet near sustainable profitability.

Income Statement

Results remain deeply unprofitable. TTM (Trailing-Twelve-Months) revenue rose to $80.0M (+24.8% growth), but gross profit stayed negative (-$9.6M) and operating losses remained very large (EBIT -$43.2M; net loss -$55.4M). Profitability has been structurally weak for years, with margins consistently negative and 2024 showing a sharp revenue contraction versus 2023, indicating an unstable demand/booking environment alongside ongoing cost pressure.

Balance Sheet

Leverage is not extreme in absolute dollars (TTM total debt $17.2M), but the capital structure has deteriorated meaningfully as stockholders’ equity turned negative in TTM (-$13.7M) from positive equity in 2024 ($19.0M) and much higher levels in 2021–2023. This weakens financial flexibility and raises financing risk despite a moderate asset base (TTM total assets $111.5M). Returns on equity are also significantly negative, reflecting persistent losses.

Cash Flow

Cash generation is a key pressure point: TTM (Trailing-Twelve-Months) operating cash flow was -$42.1M and free cash flow was -$43.2M, continuing a multi-year pattern of cash burn. While the free-cash-flow deficit narrowed versus prior years (positive free cash flow growth), the business still relies on external funding to sustain operations until profitability and working-capital dynamics improve.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	80.03M	47.35M	127.00M	123.07M	270.52M	187.35M
Gross Profit	-9.61M	-12.59M	8.31M	-27.23M	-32.55M	3.64M
EBITDA	-58.18M	-46.39M	-49.00M	-97.30M	-105.37M	-15.60M
Net Income	-55.42M	-48.61M	-50.29M	-99.61M	-106.59M	-15.92M
Balance Sheet
Total Assets	111.53M	89.93M	123.07M	134.40M	243.02M	71.39M
Cash, Cash Equivalents and Short-Term Investments	24.37M	11.25M	25.23M	44.38M	102.19M	33.37M
Total Debt	17.23M	10.63M	1.86M	1.20M	1.79M	2.38M
Total Liabilities	125.26M	70.89M	60.60M	67.95M	100.15M	63.94M
Stockholders Equity	-13.73M	19.04M	62.47M	66.45M	142.87M	7.45M
Cash Flow
Free Cash Flow	-43.19M	-36.34M	-53.47M	-55.49M	-133.88M	373.00K
Operating Cash Flow	-42.11M	-34.70M	-52.66M	-54.51M	-132.85M	629.00K
Investing Cash Flow	7.89M	6.26M	-397.00K	-4.25M	21.31M	1.87M
Financing Cash Flow	50.40M	14.50M	33.95M	903.00K	180.37M	22.64M

FTC Solar Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.38
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Neutral. The current price of 10.38 is below the 20-day moving average (MA) of 11.62, below the 50-day MA of 10.55, and above the 200-day MA of 6.96, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 43.36 is Neutral, neither overbought nor oversold. The STOCH value of 17.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FTCI.

FTC Solar Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FTCI	57 Neutral	$155.08M	-2.59	-664.69%	―	39.53%	-7.16%
SPWR	53 Neutral	$192.45M	10.38	―	―	657.27%	―
TYGO	52 Neutral	$213.17M	-4.72	-177.48%	―	97.41%	11.83%
BEEM	42 Neutral	$30.45M	-0.83	-80.33%	―	-54.56%	-133.60%
MAXN	39 Underperform	$44.10M	-0.01	―	―	-54.68%	63.56%

FTC Solar Corporate Events

FTC Solar Appoints Anthony Carroll as Independent Director

On December 15, 2025, FTC Solar, Inc., a prominent global provider of solar tracker systems, announced the appointment of Anthony Carroll as an independent director to its Board. Carroll, who brings extensive experience in the renewables sector, is expected to contribute significantly to the company’s strategic priorities and strengthen its position in the global tracker market. His past roles include CEO of Veev, President of Powin, and leadership positions at Siemens Gamesa Electric, Schneider Electric, and Power Electronics. This appointment is seen as a strategic move to leverage Carroll’s expertise in guiding growth businesses, aligning with FTC Solar’s goals of innovation and market expansion.

The most recent analyst rating on (FTCI) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on FTC Solar stock, see the FTCI Stock Forecast page.